VAT reporting

Tony Murray 1

When running a periodic VAT report is it possible to include purchase invoices that have been posted outside the period but are dated within the period?
Currently I can add these manually then remove from the following period but I expect local requirement to upload digitally and I won't be able to make manual adjustments then.
This will have an impact on my working capital because if the sales takes place on the last day of the period and I don't post the purchase invoice on that date I'll pay the sales VAT without deducting the associated cost.

Sarasota Wash and Fold 0 Reputation points

2023-05-16T17:34:02.96+00:00

The rules for including purchase invoices in VAT reports may vary depending on the specific tax laws and regulations of your jurisdiction. In general, most tax authorities require that input VAT is only recoverable on purchases made within the VAT reporting period. Therefore, if a purchase invoice was posted outside the reporting period, it would not be included in the VAT report.

However, if the purchase invoice is dated within the VAT reporting period, it may be possible to include it in the report. You should check with your local tax authority or a qualified accountant to confirm the specific rules that apply to your situation.

If it is not possible to include purchase invoices that have been posted outside the reporting period but are dated within the period, you may need to adjust your accounting processes to ensure that all relevant invoices are posted in a timely manner. This could involve implementing more frequent reporting or reviewing your internal procedures for recording and processing invoices.

In any case, it is important to ensure that you comply with all applicable tax laws and regulations to avoid any penalties or fines.